There are three documents involved in the payment process. True False.
The types of documents involved in the payment process Vendor invoices: Entered directly into AP or generated through the PO cycle Payment documents: Record the payment of the invoice and clears the open invoice Checks: Preprinted checks,Check number generatd by SAP system.
The payment process creates a payment document that records the payment of the payable and clears the open invoice. True False.
The check and payment document are created in two separate steps. True False.
When the check is created, the check number, bank information and the check recipient are printed on both the payment document and the open invoice. True False.
If errors are made users must decide whether to reprint or void the check or whether to void and reverse the check and the payment document. True False.
There are three ways to pay an invoice in the SAP system: With the automatic payment program With post and print forms Post All of the above.
When you avoid a check, the payment document, original invoic, and check register are updated.When you reverse a document, a new reversal document is created. True False.
When you void a check you have to specify a reason. True False.
The dynamic report provides the following information: All checks Outstanding checks Checks paid Voided checks.
The check clearing account is configured in the payment and the cash account is configured in the house bank. True False.
A check clearing account must use open item management. True False.
Name two ways of creating a check.
You can void a check without reversing the payment document.
You can void a check and reverse the payment at the same time. True False.
You can void a check and reverse the payment document and the vendor invoice all at the same time False True.
A lock box is a service that banks provide to facilitate the orderly collection and processing of incoming payments. True False.
The lockbox file contains the following information: Customer name and customer number in the SAP system Customer MICR number Check amount Invoice number Payment date Payment amounts/deductions per invoice and reasons for deductions.
Advantage to using a lockbox include reducing in-house processing time, increasing cash flow and reducing processing costs. True False.
Customers send thier checks and payment advice notes to you lockbox. True False.
The lockbox files are transmitted using various methods such as tapes, diskettes and direct dial-in and download. True False.
The bank's data file usually follows the standard format in the banking industry: BAI or BAI2 True False.
MICR numbers are standard numbers used by banks are listed at the bottom of the checks consist of two parts the bank routing number and the customer's bank account number.
Checks have the following statuses: Assigned Partially assigned On account Not processed.
You have to maintain customer bank details manually in the master record to ensure that as manay incoming payments are assigned as possible. True False.
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